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Wednesday, 04 July 18
TANKER MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
 2 years tanker briefing in tanker asset prices
The tanker market is undoubtedly passing one of its’ roughest times over the last years. T/C rates have fallen to very low levels and as a result the resistance that vessels were showing to further decrease on asset prices has started to show signs of cracking. The correction on prices has been evident on mostly larger tonnage.
On the VLs, which are 15-yrs old we have witnessed a large correction on asset prices, which was most pronounced during q2 of 2017. To put things into perspective the “GOOD NEWS” (319,430dwt-blt ’02, S. Korean) was sold to New Shipping in May 2017 for $21.0m, while the price for similar aged unit today remains at the same levels. An example of this is the “ROKKOSAN” (300,257dwt-blt ’03, Japan), which was recently sold to Greek buyers for $21.0m.
In the Suezmax sector, similar price elasticities are also explored. The 12-yr old “EUROGLORY” (166,647dwt-blt ’05, Croatia) was sold to Eurotankers in June 2017 for $20.5m, while the 13-yrs old sisters “UNITED KALAVRYTA” (159,156 dwt-blt ’05, S. Korea) and the “UNITED LEADERSHIP” (159,062 dwt-blt ’05, S.Korea), were sold to Greeks in May 2018 for region $18.0m.
In the Aframax sector we have noted a similar situation with regards to asset prices. However the number of transactions is greater compared to larger segments. This specific size has traditionally attracted the interest of the buyers looking at the bigger tonnages (Vls, Suezmaxes and Afras). Despite the big interest on the specific segment and the competition amongst buyers, asset values remained steadily negative. The “EUROFORCE” (106,361 dwt-blt ’02, Japan) was bought by Eurotankers on February 2017 for $11.5m, while on April 2017 both “BULL SUMATERA” (106,560 dwt-blt ’02, Japan) and the “KALIMANTAN” (106,548 dwt-blt ’02, Japan) were bought by Indonesian buyers for $10.5 each.
On the contrary within April 2018 the “GENER8 DEFIANCE” (105,538 dwt-blt ’02, Japan) sold for $10.2m and two weeks ago the “KRASNODAR” (115,605 dwt-blt ’03, S.Korea) was sold for $9.5m.
Lastly, the MR prices showed the biggest resistance. For a long period of time, sellers of 13-yrs old Korean/Japanese build MRs were declining offers below $10.0. An example is the “BORA” (46,718 dwt-blt ’04, S. Korea), which bought by Unibros during March 2017 for $11.4. The same prices have been noticed during q4 2017. The ex-“SEAWAYS ANDROMAR” (46,195 dwt-blt ’04, S. Korea) and the ex-“SEAWAYS ARIADMAR” (46,205 dwt-blt ’04, S. Korea), were sold to different Greek buyers for $11.2m each. However the picture is changing in 2018. The pressure and the low expectations in wet market have caused a reduction in asset values to levels below $10.0. Within June we have witnessed the below deals: The “ENDEAVOUR” (46,101 dwt-blt ’04, S. Korea) was sold to Greeks for $9.8m and the “BIENDONG MELODY” (45,937 dwt-blt ’04, Japan) was sold for $9.0m.
It is clear that the current asset prices are at a 2-year low. How much further down they can go remains to be seen. Tankers at current prices are definitely the segment that owners and investors should be looking at. While no one is a prophet, you can’t go wrong with the age-old adage of “buy low; sell high”.
By Konstantinos Kontomichis
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Monday, 12 March 18
DRY BULK MARKET: CAPESIZE MARKET FINDS ITS FOOTING - BALTIC BRIEFING
Capesize
Some relief for owners as the week closed out with the market finding a floor in the East. Rates on the key West Australia/China run loo ...
Monday, 12 March 18
COAL OUTPUT FROM PRIVATE MINERS UNLIKELY TO RISE IN MEDIUM TERM: ICRA
Coal output levels from private commercial miners are unlikely to go up considerably in the medium to short term, given the issues related to land ...
Saturday, 10 March 18
ENHANCED PRODUCTION BY COAL INDIA HELPS DECLINE IN COAL IMPORTS
As per the current import policy, coal is kept under Open General License (OGL) and consumers are free to import coal from the source of their choi ...
Saturday, 10 March 18
THE 'RENOS' - COURT OF APPEAL CLARIFIES CTL CALCULATION AND RIGHT OF ABANDONMENT - CLYDE & CO
KNOWLEDGE TO ELEVATE
In the matter of the “RENOS”, Mr Justice Knowles addressed a number of issues, at first instance, regarding t ...
Friday, 09 March 18
THE WORLD CANNOT KEEP IGNORING THE ASIAN COAL STORY - BENJAMIN SPORTON
There were significant changes in the global energy system in 2017, including the growth in electric vehicles, the rise of renewables and the conti ...
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Showing 1776 to 1780 news of total 6871 |
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- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- The University of Queensland
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
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